Contract
Exhibit 99-B.8.113
SECOND AMENDMENT TO THE
ADMINISTRATIVE SERVICE AGREEMENT
This Second Amendment, dated as of January 3, 1996, between Aetna Life
Insurance and Annuity Company (“ALIAC” or the “Sub-Administrator”) located at 000
Xxxxxxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxxxxx 00000 and Xxxxxxxxx & Xxxxxx
Management Incorporated located at 000 Xxxxx Xxxxxx, 0xx Xxxxx, Xxx Xxxx, XX
000000-0000 (“NBMI”) is made to the Administrative Service Agreement, dated as of
May 24, 1994, and amended as of March 1, 1995, between the Sub-Administrator and
NBMI (the “Agreement”).
WHEREAS, the Sub-Administrator and NBMI desire to amend the terms and
conditions of the Agreement to provide for certain changes in their relationship relating
to placing orders for both allocated and unallocated accounts.
NOW, THEREFORE, in consideration of the promises and mutual covenants
hereinafter contained, the parties agree as follows:
Article 1. Schedule A
The parties hereto agree that Schedule A of the Agreement is hereby
deleted and replaced with Schedule A attached hereto.
| Artcle 2. | Miscellaneous | |
| (a) | All other terms and conditions of the Agreement remain in full | |
| force and effect. | ||
| (b) | Terms used herein but not defined herein shall have the meanings set forth in the Agreement. | |
.
(c) This Second Amendment may be executed in two or more
counterparts, each of which shall be deemed to be an original, but all of which together
shall constitute one and the same First Amendment.
AETNA LIFE INSURANCE AND
ANNUITY COMPANY
| By: | /s/ Xxxxx X. Xxxxx | |
| Name: | Xxxxx X. Xxxxx | |
| Title: | Senior Vice President | |
XXXXXXXXX & XXXXXX
MANAGEMENT INCORPORATED
| By: | /s/ Xxxxxx X. Xxxxxxxx |
| Name: | |
| Title: |
SCHEDULE A
DUTIES OF THE SUB-ADMINISTRATOR
In accordance with procedures established from time to time by agreement
between NBMI and the Sub-Administrator, the Sub-Administrator to the extent
applicable, shall provide the following services:
1. Plan Information The Sub-Administrator shall maintain a record of the
number of Shares held by the Master Accounts. The Sub-Administrator shall also
maintain a record of the number of Units attributed to the Contract held by each Plan.
2. Participant Services The Sub-Administrator shall investigate all inquiries
from Participants and Plan Representatives relating to their accounts and shall respond to
all communications from Participants and plan representatives and others relating to the
Sub-Administrator’s duties hereunder and such other correspondence as may from time
to time be mutually agreed upon between the Sub-Administrator and NBMI.
3. Mailing Communications; Proxy Materials The Sub-Administrator shall
address and mail to Participants and/or Plan Representatives, as applicable, all reports to
shareholders, dividend and distribution notices, and proxy material for each of the Fund’s
meetings of shareholders. In connection with meetings of shareholders, the Sub-
Administrator shall prepare with respect to Plans and/or Participants, as appropriate,
participant lists, mail, and certify as to the mailing of proxy materials process, and
tabulate returned proxy cards, report on proxies voted prior to meetings, and certify
Shares voted at meetings.
| 4. | Sales of Shares |
| (a) Accceptance of Orders The Sub-Administrator shall, as agent for | |
NBMI, receive for acceptance Instructions (as defined hereafter) from Plans and/or
Participants for the purchase of Units each day that the New York Stock Exchange is
open (each, a “business day”) and stamp each order with the date and time received or
otherwise record such information. NBMI or its designee shall provide the Sub-
Administrator closing net asset value, dividend and capital gain information determined
at the close of trading on each business day, no later than 6:00 p.m. Eastern Standard
Time on each such day. The Sub-Administrator shall forward to the Custodian of the
Funds (the “Custodian”), as instructed by NBMI, payment for the purchase of Shares by
wire on the next business day following Trade Date (as defined hereafter). In addition,
the Sub-Administrator shall, pursuant to such purchase Instructions, coordinate with each
Fund or its designees to issue the appropriate number of Shares to the Master Account
and record such Shares.
(b) Recordation of the Issuance of Shares The Sub-Administrator
shall record the issuance of total number of Shares issued to the Master Account, and
record the issuance of Units under Contracts held by the Plans, based upon data provided
to the Sub-Administrator by the Custodian. The Sub-Administrator shall also provide
each Fund or its designee with the total number of Shares which are issued and
outstanding to each Master Account on a daily basis. The Sub-Administrator shall reflect
outstanding Units attributed to the individual accounts of a Plan or Participant.
| 5. | Transfer and Redemption |
| (a) Requirements for Transfer or Redemption of Shares The Sub- | |
Administrator shall, as agent for NBMI, receive all Instructions from Participants or
Plans to transfer or redeem Units each business day. The Sub-Administrator shall
convert such requests to requests for the transfer or redemption of Shares. Requests for
transfer or redemption of shares shall be made in accordance with the transfer or
redemption procedures set forth in each Fund’s then current prospectus and statement of
additional information, ensuring that all transfer requirements and legal documents have
been supplied. The Sub-Administrator shall process requests to transfer or redeem Units
and shall stamp each order with the date and time received or otherwise record such
information. The Sub-Administrator shall provide written notice to NBMI at least three
(3) business days in advance of any redemption of Shares equal to or greater than on
million dollars ($1,000,000) of which the Sub-Administrator has prior knowledge.
Payments for net redemption orders that are timely received by NBMI will be wired from
the Custodian to the Sub-Administrator as directed by the Sub-Administrator that next
day after such specified order is received by NBMI, the Funds or their designees. Any
cash redemption limitations applicable to the Fund shall apply at the Master Account
level and not at the Plan or Participant level.
(b) Notice to Custodian and the Fund When Shares
are redeemed, the
Sub-Administrator shall deliver to the Custodian and the Fund in such format as the
Custodian and the Fund shall reasonably require, a notification setting forth the number
of Shares to be redeemed. Such shares shall be reflected on the Master Accounts
maintained by the sub-Administrator reflecting outstanding interests attributed to the
individual accounts of a Plan or Participant.
(c) Payment of Redemption Proceeds The
Sub-Administrator shall,
upon receipt of the monies paid to it by the Custodian for the redemption of Shares or
prior to such receipt, pay such monies as are received or shall be received from the
Custodian, all in accordance with the procedures described in the written instruction. The
Sub-Administrator shall not process or effect any redemption with respect to Shares of a
certain Fund after receipt by the Sub-Administrator of notification of the suspension of
the determination of the net asset value of such Fund.
6. Procedures
The procedures to be followed for purchases, redemptions, and exchanges
pursuant to Section 4 and 5 of this Schedule A shall be as follows. For each Fund and for
each Master Account maintained by the Sub-Administrator with such Fund, no later than
8:30 a.m. Eastern Standard Time on each Business day, the Sub-Administrator shall
transmit to the Funds an aggregate purchase or redemption order that reflects the “net”
effect of all purchase or redemption Instructions from the Plans (collectively,
“Instructions”) received prior to 4:00 p.m. Eastern Standard Time on the preceding
Business Day (a “Trade Date”). Purchases or redemptions of Shares shall be deemed to
have occurred as of the Trade Date to which the order applies, if such Instructions were
received prior to 4:00 p.m. Eastern Standard Time on a Trade Date (“Close of Trading”).
In no event shall the Sub-Administrator accept Instructions on any Business Day with
respect to requests by Participants that have not been received by the Sub-Administrator
prior to the Close of Trading on the Business Day on which such Instructions are to be
prepared. Instructions received in proper form by the Sub-Administrator after the Close
of Trading on any Business Day shall be treated as if received on the next following
Business Day. The Sub-Administration warrants that all Instructions the Sub-
Administrator transmits to the Funds for processing as of a particular Trade Date will
relate only to Instructions received by the Sub-Administrator prior to the Close of
Trading on that Trade Date.
7. Dividends
Upon the declaration of each dividend and each capital gain distribution
by the Trustees with respect to Shares, the Funds shall furnish or NBMI shall furnish or
cause the Funds to furnish to the Sub-Administrator Information setting forth the date of
the declaration of such dividend or distribution, the ex-dividend date, the date of payment
thereof, the record date as of which shareholders entitled to payment shall be determined,
the amount payable per share to the shareholders of record as of that date, the total
amount payable to the Sub-Administrator has elected that such dividend or distribution be
paid in Shares; this election may be changed from time-to-time upon 30 days’ written
notice to NBMI.
8. Blue Sky Reports
At the request of NBMI, and if required by law or by a governmental
agency, the Sub-Administrator shall on a daily basis, prepare a report to each Fund in
accordance with a system approved by the Fund, showing by state of residence all sales
and redemptions of Shares.
